Brookfield-led consortium acquires 100% of Network International

Network International, a leading digital payments solutions company in the Middle East and Africa region, has been acquired by a consortium led by Brookfield Asset Management, which includes First Abu Dhabi Bank (FAB), Mubadala, Abu Dhabi Developmental (ADQ), Mastercard, and Olayan Financing Company.

As per the details of the acquisition, a consortium led by Brookfield Asset Management made an offer of £2.2 billion ($2.8 billion USD) on April 21, 2023. Following the proposal, certain conditions, and the completion of due diligence, Brookfield confirmed its commitment on June 9, 2023. Once the deal is finalised, all non-executive members of Network International’s Board will be required to step down, and the company will be re-registered as a private entity after delisting (Network International was a listed company on the London Stock Exchange). The cash for this deal comes from equity investments by the consortium of Brookfield, First Abu Dhabi Bank, and others, along with additional funding from lenders. While regulatory approvals have already been received from several countries, Brookfield is still working with regulators in other regions, including the UAE and Saudi Arabia. The acquisition was completed as of September 17, 2024.

Announcing the completion of the acquisition, Network International said, “The acquisition of Network International by a consortium led by Brookfield Asset Management... represents one of the largest private equity buyouts in the Middle East and is a major step forward in our journey of growth and innovation, demonstrating high confidence in Network’s capabilities and potential. This new chapter positions us to deliver even greater value to our customers in 50 countries across the Middle East and Africa, enabling us to fulfill our purpose of helping businesses and economies prosper,” said the company in an official statement.

Nelly Boustany, Group Chief Human Resources Officer at Network International, also commented, “A year ago, I embarked on an exciting new journey as Group CHRO at Network International, the leading digital payment provider in the Middle East and Africa region. A year filled with transformation, change, learning, growth, and not without challenges. I’m incredibly grateful to my HR team and executive colleagues for their unwavering support, collaboration, feedback, leadership, and trust. As the new chapter of innovation and growth under the Brookfield Asset Management-led consortium begins, I look forward to the year ahead and am excited about what the future holds and the value this acquisition will create.”

First Abu Dhabi Bank also commented, “FAB announces the effectiveness of the Scheme of Arrangement pursuant to which FAB, alongside Brookfield Asset Management Ltd. and other co-investors, is to acquire 100% of the share capital of Network International Holdings plc.”

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Yesterday, Network International also announced a partnership with Groupe Orabank, the largest banking group in Francophone Africa, to enhance their digital transformation and banking experiences in the region.